Beazley raises £350m as it eyes cyber push
Beazley has raised £350m as it flagged plans to accelerate growth in cyber and specialty business.
The placement completed today has added nearly 10% to the insurer’s issued share capital.
Ahead of the raise Beazley cited “market dislocation” in certain insurance classes as an opportunity to push ahead and deliver “outsized returns”.
On cyber the provider noted that “rates remain high, and demand continues to outweigh supply with significant barriers to entry for new carriers”.
According to Marsh, cyber pricing in the UK eased in the third quarter. However while the year-on-year rise was
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Intact on a “great trajectory” as it continues product migration – Grosscurth
Tovah Grosscurth, Intact UK commercial lines MD, has updated on the insurer’s migration of products and how it is the “one to watch” in its drive for top spot.
CEO Needs leaves Applied Europe a year after Epic pullout
Tom Needs is set to leave his Applied Systems Europe CEO role less than a year after the software house announced it would be pulling its Epic offering from the UK.
New MGA claims travel insurance ‘first’ for broker market
Managing general agent Etc. Insurance has launched using Open GI’s technology with the pair claiming the offering brings “fully integrated travel insurance to the UK broker market for the first time”.
Ex-Aon/PIB leader named Kingfisher managing director
Kingfisher Insurance has promoted Gareth Butler to become its new managing director.
Axa’s Jon Walker on consistency for brokers in new role
Having been made CEO of newly created Axa Insurance UK in March, Jon Walker sets out his approach to the role and what the provider is doing for brokers.
Canopius seeks to ‘bridge the gap’ with new cyber triggered spoilage cover for perishable stock
Canopius Group has launched a cyber-triggered spoilage cover designed to protect businesses when a cyber incident renders their perishable stock unsellable.
FCA warns young drivers not to be left on the roadside by ghost brokers
The Financial Conduct Authority has warned 17-25 year olds on ghost broking scams as research finds half of young drivers have bought insurance through social media or messaging apps.
Aviva doubling down for customers, says Martin
Aviva is committed to pushing on with an “absolute focus on customer” and will continue “doubling down”, David Martin, managing director for UK commercial and chief distribution officer, told Insurance Age as he teased a “major new proposition” pencilled in for the end of the third quarter will catch brokers’ eyes.